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The consortium of investors circling Trafford Centre owner Intu will be given an extra two weeks to decide whether to make a formal offer after the shopping centre developer asked takeover regulators to extend the deadline.

The group, led by Intu’s own deputy chairman John Whittaker, previously had until Wednesday to make a firm bid or be forced to wait six months to make another approach under takeover rules.

Mr Whittaker, the billionaire owner of Manchester property developer Peel Group, is considering taking the company private in concert with US investment giants Brookfield and the Saudi-owned conglomerate Olayan.

The consortium is currently poring over Intu’s books after making an indicative...